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Altria
reported first-quarter earnings that beat the common analyst estimate and reaffirmed full-year estimates regardless of a slight income dip from the year-quarter.
The cigarette and tobacco producer reported first-quarter income of $5.89 billion. Income excluding excise taxes was $4.82 billion, a decline of 1.3% from a yr earlier and beneath Wall Avenue expectations of $4.88 billion, in accordance with FactSet. Altria (ticker: MO) additionally reported adjusted earnings of $1.12 a share, forward of analysts’ expectations of $1.09.
Internet income decreased 2.4% from the year-earlier quarter, which the corporate attributes to the sale of its wine enterprise in October 2021.
Based on Altria CEO Billy Gifford, the corporate continues to pursue a imaginative and prescient to “lead the transition of grownup people who smoke to a smoke-free future.” One try to finish this aim has been placed on pause, with the continued halt of the sale of heated tobacco product IQOS, which is marketed as a substitute for conventional smoking.
Regardless of the ban, which in accordance with Altria is anticipated to proceed all year long, the corporate stored its full-year earnings steerage vary at $4.79 to $4.93 a share.
Altria inventory was down 1.7% within the premarket on Thursday to $54. The inventory has gained 15.9% yr to this point.
Write to Angela Palumbo at angela.palumbo@dowjones.com
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